GE Vernova T&D India Ltd., a leading name in heavy electrical equipment, has made headlines with a significant order from Sterlite Power. Alongside this business milestone, the company has also experienced notable promoter share offloading activities. These developments mark a critical phase for the company in terms of operational expansion and shareholder dynamics.
GE Vernova T&D has secured a ₹400 crore contract from Sterlite Power to supply and supervise the installation of 765-kilovolt power transformers and reactors for the Khavda project. The project is expected to span two years, showcasing the company’s capacity to undertake large-scale, complex operations. The announcement came via an exchange filing, reflecting GE Vernova T&D’s commitment to bolstering India’s power infrastructure.
In recent months, the company’s promoter, Grid Equipments Pvt., offloaded 2.14 crore shares, equivalent to an 8.38% stake, including the green-shoe option, in November. This followed an earlier sale announcement in September, where the promoters planned to divest an 11.7% stake through an offer-for-sale (OFS), including a 3.9% green-shoe option.
GE T&D, a part of GE’s Grid Solutions business in India, is a prominent player in the power transmission and distribution sector. With a legacy spanning over 100 years, the company offers a comprehensive range of solutions for connecting power generation sources to the grid and facilitating efficient power evacuation.
As of December 10, 1:50 PM, shares of GE Vernova T&D are trading at ₹1,949.90 per share, up 0.36% from its previous day’s closing price on NSE. Over the last month, the stock has seen a surge of 9.72%. The stock has a 52-week high and 52-week low of ₹414.40 and ₹1,980.00 respectively.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 10, 2024, 2:44 PM IST
We're Live on WhatsApp! Join our channel for market insights & updates